USOIL Expecting reaction around 63.40, else resumption of rally
In my previous analysis after breakdown of 63.40 and crash to 58.10, I was looking for price to ''consolidate around here or correct higher towards 63.40 before dropping further to next pivot around 54.90. Lets see what happens'' Price has corrected as suggested and is now a few pips away from 63.40. I expect a strong reaction around this level if price is to drop further. Failure for this level to cap price may signal the resumption of the uptrend and the bearish bias would be dropped accordingly.
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